21世纪经济报道记者冉黎黎 北京报道 中央经济工作会议12月10日至11日在北京举行。会议确定，明年 经济工作要坚持创新驱动，加紧培育壮大新动能。制定一体推进教育科技人才发展方案。建设北京（京 津冀）、上海（长三角）、粤港澳大湾区国际科技创新中心。强化企业创新主体地位，完善新兴领域知 识产权保护制度。制定服务业扩能提质行动方案。实施新一轮重点产业链高质量发展行动。深化拓 展"人工智能+"，完善人工智能治理。创新科技金融服务。 服务业扩能提质优结构助力扩内需 需要注意的是，此前《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》（以下简称 《建议》）在"建设现代化产业体系，巩固壮大实体经济根基"部分提到，实施服务业扩能提质行动。而 此次会议在"坚持创新驱动，加紧培育壮大新动能"重点任务部分特别提及"制定服务业扩能提质行动方 案"。 对于产业政策，去年提出"以科技创新引领新质生产力发展，建设现代化产业体系"，而今年则确定 为"坚持创新驱动，加紧培育壮大新动能"。需要注意的是，其中特别提到"制定服务业扩能提质行动方 案"。对于备受关注的"人工智能+"，其表述由"开展'人工智能+'行动"延展为"深化拓展'人工 ...

Core Insights - The logistics and warehousing sector in China is entering a critical phase of "refined operation and value reconstruction" by 2025, focusing on sustainable development and efficiency rather than mere scale expansion [2] - The market is experiencing "structural differentiation," with varying performance across regions, necessitating a comprehensive evaluation of outstanding enterprises and projects [2] Market Overview: Supply and Demand Balance - The overall vacancy rate for high-standard warehouses increased by 0.5 percentage points to 17.8% in Q2 2025, with average rent slightly declining by 3.6% to 29.7 CNY/m²·month [3] - Some cities are witnessing growth in leasing demand due to traditional e-commerce festivals and cross-border e-commerce expansion, leading to slight rent increases and decreased vacancy rates [3] - Regions with weaker industrial foundations are facing significant downward pressure on rental rates and occupancy [3] Regional Performance - The South China region maintains a low vacancy rate of 10.6% and high rent of 37.7 CNY/m²·month, supported by strong manufacturing and cross-border logistics demand [6] - The Central and Southwest regions show decreasing vacancy rates, with Central China at 11.6% and Southwest at 12.7%, while average rents are 25.4 CNY/m²·month and 21.7 CNY/m²·month, respectively [6] - The North and East China regions face challenges with high vacancy rates of 21.4% and 21.6%, respectively, and declining rents [7] Demand Structure Changes - The logistics market is experiencing a slowdown in demand growth, with rising vacancy rates and a dynamic adjustment phase in supply and demand relationships [8] - By Q3 2025, the non-bonded high-standard warehouse market inventory reached 17.6 million square meters, with the Yangtze River Delta region dominating at 46% [8][10] - The demand structure is shifting, with cross-border e-commerce and traditional platforms maintaining high activity levels, but immediate retail e-commerce showing limited direct demand for high-standard warehouses [10] Future Supply Outlook - An estimated 18 million square meters of new non-bonded high-standard warehouse supply is expected from Q4 2025 to 2026, with significant variations across city clusters [12] - The average effective rent for high-standard warehouses is anticipated to face downward pressure due to new supply, although the decline may narrow as supply-demand relationships adjust [12] Industry Trends - The logistics industry is gradually moving towards high-quality development, with core indices showing a recovery trend despite fluctuations [13][15] - The logistics industry is experiencing a shift from "price wars" to "value wars," supported by various policies aimed at curbing unhealthy competition [17][18] Investment and Financing - The logistics sector is witnessing active investment, with a total of 748 billion CNY raised through 33 financing events from January to October 2025 [37] - The financing structure is evolving from single equity financing to a diversified system including equity, debt, and asset-backed securities (ABS) [38][39] - Significant transactions in the warehousing and logistics asset sector are enhancing resource allocation efficiency and supporting global expansion [41]

低空经济作为战略性新兴产业，已被纳入"十五五"规划建议。 从写字楼下的无人机外卖到跨海运输的直升机，从应急救援到景区观光，低空应用场景正加速拓展，我国低空经济产业发展呈现强劲增长态 势。 11月21日，2025湖南（国际）通用航空及低空经济产业博览会开幕。观众在长沙国际会展中心参观展览。新华社记者 陈振海 摄 《中国地理信息产业发展报告（2025）》显示，目前全国30个省份已将低空经济列入2025年政府工作。据预测，我国低空经济市场规模2035 年有望达到3.5万亿元。 据介绍，全国自然资源系统3363座基准站资源，已经整合为全国卫星导航定位基准站"一张网"，这将为低空经济发展提供高精度北斗导航定 位服务。行业预测，到2035年我国无人机物流产值有望突破万亿元，未来年均增长率将保持在20%左右。 11月22日，峰飞航空"海空一体"低空经济解决方案发布会现场。新华社记者 方喆 摄 这是7月11日晚在重庆市梁平区双桂湖国家湿地公园拍摄的无人机表演。 新华社记者 黄伟 摄 【纠错】 【责任编辑:王雪】 新华社音视频部制作 ...

Group 1 - The low-altitude economy in China is expected to reach a market size of 1.5 trillion yuan by 2025 and is projected to exceed 2 trillion yuan by 2030, indicating strong growth momentum in the industry [1] - Currently, there are 969 companies registered in the civil unmanned aerial vehicle product information system in China, with 3,191 types of products and over 4.78 million aircraft [1] - Major cities like Shenzhen, Chengdu, and Nanchang have formed clusters in the low-altitude industry, developing new business models in areas such as drone logistics, manned travel, and low-altitude tourism [1] Group 2 - The global aviation industry is undergoing profound changes, with the integration of new energy and next-generation information technology accelerating opportunities and challenges [2] - There is a call for deepening the agglomeration development of the aviation industry, focusing on key model research to cultivate specialized enterprises and build professional aviation equipment manufacturing bases [2] - Enhancing regional collaboration, improving supply chain capabilities, and advancing digital production levels are essential for building national advanced manufacturing clusters, such as large aircraft [2]

Group 1 - The "2025 Low Altitude Economy Investment and Development Conference" will be held on November 21, focusing on the Guangdong-Hong Kong-Macao Greater Bay Area and its advantages in innovation resources, industrial chains, and active financial capital [1] - The low altitude economy in China reached a scale of 505.95 billion yuan in 2023, with a growth rate of 33.8%, and is projected to reach 1.5 trillion yuan by 2025 and 3.5 trillion yuan by 2035 [2] - Guangdong is a leading region in low altitude economy development, with over 2,000 low altitude aircraft manufacturing companies and more than 15,000 related enterprises, accounting for over 30% of the national low altitude economy industry chain [2] Group 2 - The conference will feature a roundtable discussion on the challenges and pathways for the integration of low altitude industries and financial capital, focusing on three core issues: the "light asset, high risk" nature of low altitude industries, local government strategies to leverage social capital, and commercialization points for drone logistics and urban air traffic [3] - The event will also include a specialized roadshow for high-growth innovative companies in the low altitude economy, aiming to connect projects with capital efficiently, with participation from around 20 well-known investment institutions [4] - The low altitude economy is recognized as a strategic emerging industry that requires comprehensive financial support and deep collaboration among various market entities to accelerate its commercialization and scaling [4]

Core Viewpoint - The "14th Five-Year Plan" is entering a critical policy window, with increased market attention on its implications for capital markets and industry development [2][11]. Group 1: Historical Positioning of the "14th Five-Year Plan" - The "14th Five-Year Plan" is a key phase for achieving the 2035 long-term goals, bridging the previous and upcoming plans [3][12]. - It is also crucial for completing the reform tasks set by the 20th Central Committee by 2029, with over 300 important reform measures proposed [3][12]. Group 2: Important Directions for Capital Markets During the "14th Five-Year Plan" - Key areas of focus include digital technology (AI, 6G, quantum technology), space economy (low-altitude economy, commercial aerospace, deep-sea technology), high-end manufacturing (embodied intelligence, aerospace technology, solid-state batteries), domestic consumption (new consumption, quality upgrades), and healthcare (innovative drugs, high-end medical devices) [4][9]. Group 3: Capital Market Performance Characteristics During Previous Five-Year Plans - Historical data shows that A-share indices have generally risen during five-year plans, with the Shanghai Composite Index showing varied performance: -44.0%, +141.9%, +26.0%, -1.9%, and +13.3% across different plans [5]. - The "14th Five-Year Plan" period has seen a steady increase in A-share resilience and risk resistance, with a market capitalization exceeding 100 trillion yuan [5]. Group 4: Market Outlook for the "14th Five-Year Plan" - The "14th Five-Year Plan" is expected to create opportunities in the context of global monetary system restructuring, AI trends, and China's manufacturing advantages [8][9]. - The capital market is anticipated to exhibit a "long-term" and "steady" trend, supported by government emphasis on capital market development and favorable macroeconomic conditions [9]. Group 5: Industry-Specific Insights - **Digital Technology**: The AI industry is expected to accelerate, with significant advancements in AI applications and quantum technology development [18][19]. - **Space Economy**: The commercial aerospace sector, particularly satellite internet, is poised for growth, supported by government policies and technological advancements [19][20]. - **High-End Manufacturing**: The sector is expected to benefit from technological innovations and policy support, with a focus on embodied intelligence and solid-state batteries [21][24]. - **Domestic Consumption**: New consumption trends are emerging, with a shift towards personalized and quality-driven consumption patterns [25][26]. - **Healthcare**: The innovative drug and high-end medical device sectors are projected to grow significantly, driven by supportive policies and market demand [28][29].

Core Insights - The low-altitude economy is rapidly emerging as a trillion-level industry driven by policy guidance and technological advancements [1] - Shandong Mobile is actively participating in low-altitude planning and infrastructure development, leveraging 5G-A technology to enhance research and applications in the low-altitude economy [1][16] Low-altitude Management and Safety - Shandong Mobile has introduced a "5G-A + Airspace Intelligent Management" service system to address the challenges of managing low-altitude airspace, significantly improving response times from minutes to seconds [1][2] - The deployment of 5G-A base stations in Qingdao supports the regulation of low-altitude activities, enabling precise tracking of drones and enhancing urban management capabilities [2] Low-altitude Logistics - Low-altitude logistics is transforming the logistics industry by offering flexibility and efficiency, significantly reducing transportation times compared to traditional methods [4] - In Linyi, drones are being utilized for package delivery, demonstrating the shift towards intelligent logistics solutions [6] - A successful trial of drone delivery for medical supplies in Jining has shown a 25-minute reduction in delivery time compared to ground transport, enhancing emergency response capabilities [8] Intelligent Inspection and Maintenance - Shandong Mobile is pioneering the use of drones for infrastructure inspection, such as the G516 Victory Yellow River Bridge, achieving a 60% increase in inspection efficiency and a 5% reduction in missed detections [11] - The S309 Tian Gao Line project utilizes AI algorithms for rapid identification of road issues, reducing inspection time from one day to under two hours [13] Smart Agriculture - The low-altitude economy is revolutionizing traditional agricultural practices, improving efficiency and reducing costs through the use of drones for tasks like crop monitoring and pesticide application [15] - A comprehensive monitoring system integrating drones and satellite technology has been developed to enhance agricultural management and disaster response [15][16] Conclusion - Shandong Mobile is leveraging 5G-A technology to activate new dynamics in the low-altitude economy, contributing to high-quality development in Shandong Province [16]

Core Viewpoint - Changchun is actively promoting the integration of aviation culture and urban development through the establishment of the Changchun International Aviation Expo City, aiming to seize the high ground of the low-altitude economy [3][4]. Group 1: Project Overview - The Changchun International Aviation Expo City (referred to as "Aviation Expo City") is designed as a new urban space that integrates exhibition, experience, science popularization, and cultural tourism [3]. - The city is a significant aviation industry base in China and is closely linked to the People's Air Force, with a rich historical background [3]. Group 2: Economic Development - The project is expected to drive infrastructure upgrades, industrial clustering, and population inflow, addressing urban functional shortcomings and forming a new growth pattern in the western region of Changchun [3][4]. - A low-altitude economic industrial park is being planned within the Aviation Expo City to gather resources and ensure Changchun remains competitive in emerging sectors such as drone logistics and aerial tourism [4]. Group 3: Community Engagement - The Aviation Expo City is envisioned as a shared open space for the public, where citizens can enjoy parks, exhibitions, and aviation culture, as well as participate in themed educational activities and leisure events [4]. - The project aims to become a new growth pole in western Changchun, integrating aviation cultural tourism and distinctive industries, thereby enhancing the quality of life for residents [4].

Core Insights - The article highlights the emerging trends in higher education, particularly the rapid expansion of new academic programs in response to technological advancements and economic demands [2][4]. Group 1: New Academic Programs - In 2023, nearly 800 universities added over 1,800 new programs, focusing on cutting-edge technology fields such as "low-altitude economy" and "low-altitude technology and engineering" [2]. - The rise of niche fields like "companion animal" studies reflects the growing pet economy, while "ice and snow dance performance" indicates the booming ice and snow economy [4]. Group 2: Traditional and Interdisciplinary Fields - Traditional engineering disciplines such as electrical engineering, automation, and mechanical design are regaining popularity due to the transition to renewable energy and advanced manufacturing [5]. - Interdisciplinary programs combining education with artificial intelligence and arts with technology are on the rise, aiming to cultivate versatile professionals capable of adapting to future changes [5]. Group 3: Regional Trends and Industry Alignment - The addition of digital economy and big data programs in the Beijing-Tianjin-Hebei region aligns with the presence of over 80,000 digital economy enterprises in Beijing [6]. - In Anhui, five universities introduced smart vehicle engineering programs to support the automotive industry's growth, while Hubei leads the nation in new smart construction programs to meet urban development needs [6].

Core Insights - The Chinese government has officially included "low-altitude economy" in its national strategy, aiming to develop it as a new engine for economic growth, with low-altitude logistics as a key application area [1] - The low-altitude logistics sector is experiencing explosive growth, with over 140 new low-altitude logistics routes opened in 2024, primarily focused on urban last-mile delivery [1][2] - Local governments are actively promoting low-altitude logistics development through various initiatives, including infrastructure improvements and favorable policies to attract industry players [2][3] Industry Growth and Trends - The traditional ground transportation system is nearing its capacity limits, while low-altitude resource utilization is below 10%, creating a demand for innovative logistics solutions [1] - New business models such as instant retail and fresh e-commerce are driving the need for minute-level delivery services, highlighting the tactical value of drone logistics in emergency response and remote area supply [1] - The "air corridor + ground grid" delivery model has effectively alleviated urban traffic congestion and improved last-mile delivery efficiency by over 30% [1] Government Initiatives - Guangdong Province has established a "node + route + platform" system, creating five drone logistics hubs and opening intercity transport routes in the Pearl River Delta [2] - Shenzhen has introduced the country's first "Low Altitude Economy Industry Promotion Regulations," streamlining route approval processes by reducing approval times by 70% [2] - Local governments are also collaborating with universities and research institutions to provide technical support and talent for the low-altitude logistics industry [3] Key Players and Market Dynamics - Major companies in the low-altitude logistics sector include SF Express, JD.com, and Meituan, which are expanding their operations and enhancing logistics efficiency through technological innovations [21][22] - SF Express has emerged as a leading player in the low-altitude logistics industry, having opened over 600 routes and transported more than 620 million items as of 2024 [10][11] - The company has developed a comprehensive qualification barrier covering research, airworthiness, and operations, ensuring compliance and operational efficiency [8][10] Application Areas - Low-altitude logistics is being applied in various fields, including express delivery, agricultural product transportation, and medical supply delivery, becoming an important direction for the logistics industry [14][17] - The use of drones for urgent medical supply delivery in remote areas demonstrates the potential of low-altitude logistics to enhance service efficiency and response times [18] Future Outlook - The low-altitude logistics industry is expected to continue evolving, with companies focusing on technological upgrades, such as battery life improvements and AI applications, to meet complex logistical demands [21][22] - The establishment of integrated logistics centers, such as the Fengyi Baoan Low-altitude Smart Logistics Operation Center, marks a significant step towards a coordinated logistics network combining traditional and low-altitude delivery methods [12][13]